An appraisal determines the home’s value to ensure that the price reflects the home’s age, location, condition, and features. An authorized appraiser must have a designation from a regulatory body governing the jurisdiction of the appraiser. The appraiser can use several valuation methods to determine the appropriate value of an item or property, including comparing the current market value of similar properties.
If a home valuation comes in below the amount of the purchase price, mortgage lenders may decline to fund the deal. The transaction will not move forward unless the prospective buyer is willing and able to bring the difference between the appraised value and the lender’s financing offer.
Note that a home appraisal is different from a home inspection, which determines the condition of the home and identifies any potentially serious issues before a buyer moves forward with closing.
If you have any questions about the appraisal process or any other mortgage needs, reach out to our team and we can walk you through different options.
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